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Views: 116 DOM: 130 Updated: 10.18.24 Posted: 08.14.24 Status: Active

Summary

Price $7,160,000
Built/Renov 2024
Tenant Raising Cane's (GL)
Cap Rate 4.84%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,831
Lease Start 01-01-2025
#Units 749
Price/SF $1,868.96
Expiration 06-30-2040
Tenant Type Fast Casual/Rest.
NOI $346,500
R. Term 15.6
Ownership Ground Lease
Rent/SF $90.45
Increases 10.0%/5/yrs
Pop 5Mi 118,961
Lot/AC 1.50
Options 4/5yrs/10%
AHHI 5Mi $95,585

Lease Highlights

  • Brand-new 15-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the primary term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Raising Cane's is strategically located on Nuevo Road, with access to 10,120 vehicles passing by daily. The property is positioned near the on/off ramp for I-215 Freeway, which experiences 103,000 VPD, and features prominent monument pole signage for high visibility. The immediate area is anchored by well-known national tenants such as Walmart, Ross Dress for Less, Burlington Stores, Bath &...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Raising Cane's
  • Guarantor:Corporate
  • Company:Raising Cane's Restaurants LLC
  • # Units:749
  • Stock:Private

About Tenant

Founded by Todd Graves in 1996 in Baton Rouge, Louisiana, Raising Cane’s is one of the fastest-growing quick-service restaurant chains in the U.S. Renowned for its fresh, never frozen chicken...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 25,007 72,686 120,187
2024 Total Population : 24,769 70,834 116,428
2024 Employed Civilian Pop : 10,123 29,811 49,023
2024 Total Businesses : 353 1,277 1,999
2024 Average Household Income : $ 90,330 $ 97,192 $ 103,121
2024 Total Consumer Spending : $ 484 M $ 1472 M $ 2579 M
2024 Median Age : 31 31 32
2024 Total Households : 6,083 17,271 28,618
2024 Pop Age 25+: Bachelor's Degree : 1,032 2,804 5,073
2024 Average Home Value : $ 437,035 $ 531,665 $ 547,466
*ESRI data is presented for informational purposes only

Listing Broker

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